February 14, 2013
GAO: Climate Change Poses Big Financial Risk to U.S. Government
. The U.S. Government Accountability Office has formally recognized the financial risk associated with climate change in its biennial assessment of government operations it deems as vulnerable to fraud, waste, abuse, and mismanagement or “effectiveness challenges.” The report
noted that the federal government has substantial fiscal exposure to the consequences of climate change because it maintains extensive infrastructure and defense installations, insures property through the National Flood Insurance Program, and provides emergency aid to states and municipalities in response to natural disasters. The report also points out potential gaps in environmental satellite data beginning as early as 2014 if new satellites are not ready to launch in time or do not work as intended which could greatly hinder forecasts and warnings for hurricanes, storm surges, and floods, as well as impact general accuracy and timeliness.